President Donald Trump signed an executive order related to the Affordable Care Act (ACA), also known as Obamacare, on his first day in office. That order gave agencies the right to curb or reduce penalties to individuals and businesses. However, that order does not change anything with Obamacare until one of those agencies, the IRS or Health and Human Services, issues regulations or notices to change the rules.
Until this occurs, all of the ACA rules and penalties for business and individuals would still apply. As far as a repeal of Obamacare, that won’t happen until the Congress and Senate act because the President does not have the power to override legislation on his own.
Obamacare still affects your 2016 individual and business tax returns. President Trump’s executive order does not change the rules for 2016.
If you have other questions about the Affordable Care Act or the preparation of your tax return call the ACA and Tax professionals at Ketel Thorstenson.
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